Zacks Investment Research downgraded shares of Myers Industries, Inc. (NYSE:MYE) from a buy rating to a hold rating in a report published on Wednesday.

According to Zacks, “Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire service and undervehicle repair industry in the United States. “

A number of other equities analysts also recently weighed in on MYE. KeyCorp reaffirmed a sell rating on shares of Myers Industries in a research note on Tuesday, August 1st. BidaskClub downgraded shares of Myers Industries from a hold rating to a sell rating in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $16.50.

Myers Industries (NYSE MYE) opened at 22.10 on Wednesday. Myers Industries has a 1-year low of $11.35 and a 1-year high of $22.45. The firm has a market cap of $668.64 million, a price-to-earnings ratio of 166.17 and a beta of 1.78. The company’s 50 day moving average is $19.34 and its 200-day moving average is $17.75.

Myers Industries (NYSE:MYE) last released its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $0.17 EPS for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.02. Myers Industries had a net margin of 0.74% and a return on equity of 10.71%. The firm had revenue of $142.30 million for the quarter, compared to analyst estimates of $142.95 million. During the same period in the previous year, the business earned $0.21 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, analysts predict that Myers Industries will post $0.50 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which was paid on Tuesday, October 3rd. Shareholders of record on Friday, September 8th were paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend was Thursday, September 7th. Myers Industries’s dividend payout ratio is presently 415.38%.

Several institutional investors and hedge funds have recently bought and sold shares of MYE. Rafferty Asset Management LLC bought a new stake in shares of Myers Industries during the second quarter worth approximately $5,301,000. Vanguard Group Inc. raised its stake in shares of Myers Industries by 4.9% during the second quarter. Vanguard Group Inc. now owns 1,469,679 shares of the industrial products company’s stock worth $26,381,000 after buying an additional 68,905 shares during the last quarter. Janus Henderson Group PLC bought a new stake in shares of Myers Industries during the second quarter worth approximately $1,104,000. Acadian Asset Management LLC raised its stake in shares of Myers Industries by 1,511.4% during the second quarter. Acadian Asset Management LLC now owns 42,397 shares of the industrial products company’s stock worth $760,000 after buying an additional 39,766 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Myers Industries by 3.9% during the second quarter. Northern Trust Corp now owns 996,343 shares of the industrial products company’s stock worth $17,885,000 after buying an additional 36,983 shares during the last quarter. 84.39% of the stock is owned by institutional investors and hedge funds.

Myers Industries Company Profile

Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.

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